CrediaBank is preparing a €300 million share capital increase through a combined public and international offering, in a move aimed at strengthening its capital base and bringing in new investors. The first key step in the process is scheduled for March 27, 2026, when an extraordinary general meeting of shareholders will be asked to authorize the board to proceed with the issuance of new shares.
The capital increase will be carried out with the waiver of pre-emptive rights for existing shareholders, meaning current shareholders will not have priority in purchasing new shares. This structure is intended to facilitate the entry of new investors but will also result in dilution of existing stakes. The Greek state has already decided not to participate in the capital increase, even if this leads to the loss of its blocking minority stake in the bank.
Through the Hellenic Financial Stability Fund, now part of the country’s sovereign wealth fund, the Greek state has invested approximately €952 million in three successive capital increases of the former Attica Bank, which was later restructured and renamed CrediaBank. In addition, public finances were burdened by around €239 million related to deferred tax credits, bringing the total public sector exposure to roughly €1.2 billion. Following the upcoming capital increase, the state’s stake is expected to fall from about 36% to well below 33%.
Under the legal framework governing the sovereign wealth fund, any decision to participate or abstain from a capital increase must be supported by reports from two independent financial advisers, who must assess whether the decision protects or improves the value of the fund’s investment or its future divestment prospects. According to reports, the fund already has the relevant advisory reports, though these documents are not made public, meaning the reasoning behind the decision to accept dilution is unlikely to be disclosed.
CrediaBank has also announced that certain investors have already committed to participate in the capital increase with approximately €110 million. Among them are investment vehicles linked to a Greek shipping family, the U.S. hedge fund Discovery Capital Management and Fiera Capital from Canada. The participation of international investors is seen as a key factor for the success of the capital increase and the bank’s future strategy.
One of the most controversial aspects of the capital increase is a six-month lock-up period during which both the sovereign wealth fund and another major shareholder, Thrivest Holding, will not be allowed to sell shares in the bank. The lock-up period will begin once the new shares are listed on the Athens Stock Exchange.
This restriction is particularly significant for the Greek state because it will not be able to sell shares during that period to recover part of the funds invested in the bank over the past decade. Although the lock-up also applies to Thrivest Holding, the situation is not identical, as the private investor had already sold part of its stake through a share placement in late 2025, recovering a portion of its investment before the lock-up takes effect. The identity of the investor who acquired that stake has not been publicly disclosed, and it remains unclear how that shareholder will position itself in the upcoming capital increase.
